A recurring deposit means making regular deposits. It is a service provided by many financial institution where people can make regular deposits and earn decent returns on their investments.
“An RD account means a account in which a depositor puts a certain amount of money each month for a set length of time (commonly spanning from one year to five years).” This structure is for people who want to put down a set amount each month with the goal of receiving a payout after a few years.
The recurring deposit Plan's process of making small monthly savings allow the user to build up an appealing sum at maturity. The Recurring Deposit interest rates are calculated on a quarterly compounded basis.
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